1.Define bank rate, inter-bank (or target) overnight rate (IBOR), and the operating band. Assume you bank with CIBC and Humber banks with RBC. Suppose you write a cheque to Humber for $7,000 to pay for next year tuition fee. Explain how your cheque is being cleared in the banking system? Use the cheque-clearing process to help you explain the relationships between bank rate (currently at 1.5%), inter-bank (or target) overnight rate (IBOR), and the operating band. Why bank rate is sometimes called "the mother of all interest rates"?